This is 90% of the 2025 target, Pham Anh Tuan, director general of the central bank’s Payment Department, said at a conference Wednesday on the banking industry’s digital transformation.

With Vietnam’s GDP standing at US$430 billion last year, cashless payments were worth an estimated $9.89 trillion.

The central bank’s data also suggests that Vietnamese are gradually shifting away from cash.

In January the number of ATMs in the country were nearly 2% down from a year ago to 20,986, it said.

Crowding at ATMs during holidays has become less common, it said.

The interbank electronic payment system processed 20-25 million cashless transactions a day last year, it added.

Some 87% of adults have at least one bank account, already higher than the 2025 target of 80%.

Cashless payments grew by more than 50% last year, the central bank said.

Transactions made through mobile phones doubled while those made through websites increased by 50%.

More than 49% of the population made non-cash payments.

Tuan said the infrastructure for digital transformation is always up to date to ensure stable, smooth and safe operations.

More than half of banks have self-service systems that allow customers to carry out banking activities themselves, he said.

Point of sale payment systems are now utilized in all provinces and cities, he said.

Vietnam has established cross-border QR code payment systems with Thailand, Cambodia and, soon, with Laos, he said.

A survey by payment company Visa published in March found that 56% of Vietnamese carried less cash last year than in 2022.

The number of consecutive days Vietnamese did not use cash on average was 11, up nearly four times from 2022.

Speaking at the conference, Prime Minister Pham Minh Chinh stressed that digital transformation is a necessity and the economy’s top priority now.

The government expects the banking sector to pioneer digital transformation because it has an impact on all other industries and the public, he added.

Non-cash payment sales increased by nearly 3.9 billion USD

(BGO) - Following the Government's direction on promoting non-cash payment activities in the banking sector, for the first six months of this year, sales of non-cash payments of branches of commercial bank in Bac Giang province reached nearly 260 trillion VND, up 90 trillion VND (nearly 3.9 billion USD) over the same period last year.

Vietnam’s economy surges in Q1, aiming for 6.5% GDP growth

Vietnam’s economy in Q1/2024 shows strong recovery and positive results across various sectors, setting the stage for successful the achievement of the 2024 socio-economic development plan.

Two scenarios for GDP growth this year: planning ministry

The Ministry of Planning and Investment has said what needs to be done from here on to achieve GDP growth of 6% and 6.5%, the target range for 2024.

GDP expands by 5.66% in Q1

Vietnam's GDP grew by 5.66% in the first quarter, the highest rate for the period since 2020, according to the General Statistics Office.

Standard Chartered forecasts Vietnam's 2024 GDP growth at 6.7%

Standard Chartered Bank expects Vietnam to have a robust GDP growth of 6.7% in 2024 (6.2% and 6.9% in the first half and second half of the year, respectively).

Source: VnExpress